Chrysler has solid final quarter

Reuters.Jeep Compass and Patriot vehicles move down an assembly line at the Chrysler Belvidere Assembly plant in Belvidere, Illinois.

Chrysler turned in another solid quarter at the end of 2012, with net income surging 68 percent mainly on US sales and more strong growth predicted in 2013, the company said Wednesday.

Total profits for the fourth quarter were $378 million on revenues of $17.2 billion, up from $15.1 billion in the year-earlier quarter, the company reported.

The quarter capped a strong year for the number three US auto maker, in which net income was up more than nine-fold to $1.67

billion on a 19.6 percent gain in revenues, to $65.8 billion.

It forecast global shipments in 2013 of 2.6-2.7 million vehicles, compared to 2.4 million last year, and revenues in a range of $72 billion to $75 billion.

Chrysler, majority owned by Italy's Fiat with the company's auto union controlling a large minority share through its pension fund, has sustained a strong recovery from its near collapse and rescue by the US government in 2008.

“While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete,” said Chrysler Group chairman and chief executive Sergio Marchionne.

“The goals we've set for the year ahead reflect a common desire by everyone from leadership to the shop floor to succeed and sustain the power of the house we are building.” - Sapa-AFP

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